Your opinions?I've looked throught the Van Global Hedge Fund Indexand S&P Hedge Fund Index.From what I read I've understood that:First of all they define several categories of strategies(Arbitrage, Event Driven, etc) which in their humble opinion represent main types of hedge funds.ThenVAN just lump together monthly reported reported returns(net of fees) of a few thousand hedge funds (less within each category) and are done with that.(BTW, they also peddle some investable index)S&P takes a more intelligent approach. Itchooses few hedge funds and replicates them daily,each month they reconcile them with reported NAVs(net asset values after incentive and management/administrative fees).(How the hedge funds are allowing to be monitored so closely?(I'd love to be the clerk who monitors RenTec.))So, are these the two the index approaches?How reliable are they?How could/should they be improved?What problems they (indexes) cause to the hedge funds?How good are these strategy categories?Are there better ways of replicating the hedge fund returns?Thank You